New AICPA Technical Questions and Answers Issued on Public Businesses
The American Institute of Certified Public Accountants (“AICPA”) has issued new Technical Questions and Answers (“TQAs”) offering guidance for related terminology and other matters concerning public business entities. Section 7100, Definition of a Public Business Entity, features 16 new questions and answers to help a company determine its status as a public business. Included in the TQAs is detailed guidance addressing depository institutions, broker-dealers, insurance companies and nonprofits. A press release on Section 7100 is available on the AICPA website.
Topics: AICPA, American Institute of Certified Public Accountants "AICPA", Broker-Dealers, Depository Institutions, Insurance Companies, Nonprofit, Public Business Entities, Technical Questions & Answers
AICPA Committee Issues 20 Working Drafts for Implementing Revenue Standard
Twenty working drafts have been created to help companies implement Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers. Issued by the American Institute of Certified Public Accountants’ Financial Reporting Executive Committee, the draft implementation guides cover eight industries with respect to airlines, healthcare businesses, energy companies, and telecommunications. The working drafts are as follows: Working Draft: Airlines Revenue Recognition Implementation Issue #2-5A: Timing and Classification of Commissions in Interline Transactions Working Draft: Airlines Revenue Recognition Implementation Issue #2-6G: Changes in the Volume of Mileage Credits Under a Cobranded Credit Card Arrangement Working Draft: Asset Management Revenue Recognition Implementation. Read More.
Topics: AICPA, AICPA Audit and Accounting Guide, AICPA Draft Implementation Guide, AICPA Financial Reporting Executive Committee, Airlines, Energy, healthcare, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, Telecommunications, Working Drafts
SEC Staff Experiences Uptick in Revenue Standard Implementation Questions
As public companies prepare to implement Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (ASC 606), they are increasingly turning to Securities and Exchange Commission (“SEC”) staff members for implementation guidance. It is being reported that submitted questions concerning the Financial Accounting Standards Board’s (“FASB”) revenue recognition standard increased by one-third last year, largely due to public companies needing assistance with financial reporting. One question submitted to the SEC involves revenue from credit cards. A company asked for guidance on its decision to record revenue from interchange fees that a merchant’s bank pays to the cardholder’s bank. Speaking. Read More.
Topics: Accounting Standards Update "ASU", AICPA, AICPA National Conference on Banks & Savings Institutions, American Institute of Certified Public Accountants "AICPA", FASB, Financial Accounting Standards Board "FASB", Implementation, Revenue from Contracts with Customers (Topic 606), Revenue Recognition, Securities and Exchange Commission "SEC"
Exposure Draft Issued on Selected Procedures Standard
The Auditing Standards Board of the American Institute of Certified Public Accountants recently issued an exposure draft regarding the Proposed Statement on Standards for Attestation Engagements (“SSAE”), Selected Procedures. The proposal offers guidance on procedures outside of the scope of AT-C Section 215, Agreed-Upon Procedures Engagements. In addition, the proposed SSAE helps distinguish a selected procedures engagement from an agreed-upon procedures engagement. For instance, the practitioner would be exempt from requesting or obtaining an assertion from any party. Another key aspect is that the practitioner would not have to limit how the report is used, but could allow a wider. Read More.
Topics: Agreed-Upon Procedures Engagement, AICPA, AICPA Exposure Draft, American Institute of Certified Public Accountants "AICPA", Proposed Statement on Standards for Attestation Engagements, Selected Procedures
New Proposed Audit Data Standard Offers Efficiency, Uniformity
The American Institute of Certified Public Accountants (“AICPA”) has proposed new standards for collecting and submitting audit data. The goal is to make audits more efficient and more effective by proposing standardized formats for commonly requested audit data and for the most frequently used files for audits. The Emerging Assurance Technology Task Force arm of the AICPA’s Assurance Services Executive Committee (“ASEC”) published an exposure draft of their recommendations on August 8, 2017. The draft, titled Audit Data Standard – Fixed Asset Subledger Standard (“Exposure Draft”), is open to comments through November 6, 2017. Should the proposed information and standards in. Read More.
AICPA Accounting and Review Services Committee Meeting
From Tuesday to Thursday this week, the Accounting and Review Service Committee (“ARSC”) of the American Institute of Certified Public Accountants (“AICPA”) met in Boston, MA. Some of the agenda topics that were expected to be covered included: Proposed Statement on Standards for Attestation Engagements (SSAE), Selected Procedures; Draft proposed SSARS, Omnibus Statement on Standards for Accounting and Review Services 2018 International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements (ISRE 2400 (Revised)), including comparison of ISRE 2400 (Revised) to AR-C Section 90, Review of Financial Statements; and Consideration of Inconsistency in AT-C Section 210.. Read More.
Topics: Accounting and Review Services Committee "ARSC", AICPA, American Institute of Certified Public Accountants "AICPA", AR-C Section 90, AT-C Section 210, International Standard on Review Engagements, Statement on Standard for Attestation Engagements "SSAE"